By STEPHEN MARRIOTT 22/08/2008
We continue to be impressed with Tom Walker and his team’s ability in what has been a difficult period to add value in equity markets. The fund has not only benefited from good stock picking but also from an astute use of themes, which has led the portfolio to be in the right sectors as well.
The team are responsible for £570m of large cap US assets therefore the fund remains reasonably nimble. We have upgraded the fund to four stars but would caution that its overall style is growth and as such it may underperform in value led markets.